LotTalk Tuesday Tune-up 11.6.18: Communication is King!

A nextgen technology enhancement, focused on automotive, is under construction.

 Since the tool is not yet available, there is hope by design to bridge the communication gap between the buyer and the seller.

 Better communication tools, consistent coaching, and accountability, are necessary to create a superior customer experience.

 How will enhanced communication opportunities raise the bar of the buying experience through the use of this tool?

 #Transparency

 There are several buzzwords in industries, including automotive, when it comes to the path to the purchase. Transparency is among the front-runners.

 Customers say they want transparency in pricing.

 Some inside the automotive industry, believe transparency in about presenting the numbers … how the dealership arrived at the final purchase price of the vehicle.

 The industry has been accused of hiding transactional elements for the benefit of the dealer. This has proven true by some unscrupulous dealers, but it is not true about the industry as a whole.

 Showing the numbers and the purchase price, and how it was arrived at, is one piece of a transparent experience, but not all of it.

 Another part of transparency surrounding price is presented by various entities, including TrueCar, AutoTrader/KBB and Cargurus.  The buyer receives a ranking of vehicles purchased in the buyer’s market place by price paid.

 In my personal opinion, the only info a market price comparison tool expresses for the buyer is who was the bigger idiot for what I ended up paying for the vehicle. Although the tools are widely used, the informed dealer understands the issues created for the consumer and the dealer.

 #Convenience

 In addition to transparency, convenience is applied to the customer experience.

 How is automotive currently conveying convenience to the customer interested in purchasing a vehicle?

 Dealerships, and their website providers, have attempted to provide shoppers more convenience by giving them the ability to complete, part of, or all of the buying process online.

 The steps include the ability to reserve a vehicle, calculate a payment, purchase a warranty, and even get financing approved. Although these systems have been around for more than 5 years, and have moved the needle on convenience, they’ve failed to capture the ultimate meaning of convenience for the customer.

 Convenience has been mentioned in the same sentence with another industry buzzword … Digital Retailing.

 #ReviewsandRatings

 The #1, go to purchase measurement in all industries, is the review and rating of the product and/or service.

 Potential buyers spend more time reading and analyzing the reviews and ratings on the products and services, even the sales person, when considering a purchase.

 Most, but not all, auto dealerships understand the power of reviews. Some are preparing their people to be aware of their impact, creating strategies to improve their ranking.

 Many dealers desire to have the ability to erase or eliminate poor reviews customers have written. Human nature supports the idea, we’re not happy having our dirty laundry aired in public.

 #timetoimprove

 Times have changed; the public has the right to know the details, including the skeletons in the closet.

 #Communication

 This nextgen technology mentioned at the beginning of this Tuesday Tune Up; what will it focus on?

 The most important item of all: communication.

 2004 - Facebook is about “building community and bringing the world closer together.”

 2014 - Twitter is about “the power to create and share ideas and information instantly, without barriers.”

 2014 - Instagram is “experience moments in your friends' lives through pictures as they happen.”

 1995 - Amazon is “to be Earth’s most customer-centric company…”

 LotTalk will “evolutionize communication between buyer and seller…”

#lottalk #teachat51